New York Act Would Examine Crypto Mining Potential

New York act would examine the potential for economic zones to empower cryptocurrency mining  
16 February 2018   312

The act A09862 was introduced in New York on February 14, 2018. It proposes to set up a task force to better understand the impact of economic empowerment zones for cryptocurrency mining.

If passed, the act would analyze cybersecurity threats, the general effect that creating such zones might have on employment within the respective areas. I also would analyse the role of service utilities.

This act would require all departments, agencies or any political subdivisions to provide relevant assistance and data. Two members of the task force would be appointed by the governor, temporary president of the Senate, speaker of the assembly, and superintendent of the department of financial services.

A report from the task force would be submitted to both the governor and legislature of New York one year from the act's effective date.

Largest mining farm to be built in the UK

The well-known UK tech company Bladetec is building the first large Bitcoin mining farm in Europe
20 March 2018   192

Bladetec had already got an experience in IT support for NATO and the Ministry of Defence of the UK in the past. Today its idea is funded by investors in a limited company which is protected by UK law.

The facility - Third Bladetec Bitcoin Mining Company (TBBMC), situated on the Southeast of the country, is going to cover 3,500 square feet in three different places: in London, Suffolk and Surrey.

Today the company is raising £10 million from investors for building and operating the farm for up 2 years. The farm will become global and significant, also it is supposed to be introduced in the world`s top 25 and produce considerable return for shareholders (as a result of its dominant position).

The minimum investment to TBBMC project set by the company is £ 5,000 from each applicant. The project allows the capital growth up to even 45 % within a period of 2-3 years. The returns for the shareholders at that stage would be based on the Bitcoins sales`proceeds and the ASIC machines. If the price of Bitcoin does drop by 40 %, an investor may lose 22 % of his capital.

The company declared that it is going to mine 1,280 bitcoins within a period of two years. Nowadays it's difficult to predict how much those Bitcoins may be worth in two years. According to current prices, they will be valued at £ 7,8 million. But the situation may probably change before 2021. As for the raised funds, they would mostly be spent on the energy costs, despite the low energy bills' agreement between Bladetec company and the intended wind farm.

Bitcoin mining is more popular in the countries where the weather is cold (such as Iceland and China). The government of Iceland can implement a tax on mining because of the energy consumption. Chinese authorities insists on the ending of the cryptocurrency trading and mining in the country.